BSP approves PBCOM's acquisition of rural bank


Posted at Sep 10 2014 03:45 PM | Updated as of Sep 10 2014 11:45 PM

MANILA, Philippines - The Philippine Bank of Communications (PBCOM) said the Bangko Sentral ng Pilipinas (BSP) has approved its acquisition of Banco Dipolog, Inc.

The acquisition of Banco Dipolog would add 13 rural bank branches to PBCOM's network. The branches are located in cities across Visayas and Mindanao, bringing PBCOM's rural bank branches to 19.

"Expanding our footprint across the country through our acquisition of rural banks allows us to reach underserved and unbanked segments, thus contributing to the development and strengthening of small businesses," PBCOM President & CEO Nina D. Aguas said.

Earlier, Aguas said the bank is targeting to have 140 branches by the middle of next year, from its current level of 75.